Someone Just Sold Their 2011 Bitcoin for a 17 Million Percent Profit
A mysterious Bitcoin account has cashed out a cache of cryptocurrency they originally bought for $54,000 — but which, after HODLing for 14 long years, is now worth an astronomical $9.5 billion, for a staggering profit of over 17 million percent.
Bitcoin whales, meaning accounts that hold on to substantial sums of crypto for long periods at a time, have been making moves as of late, Tom’s Hardware reports, reaping enormous returns as crypto markets reach all-time highs.
Just last week, a different Bitcoin whale transferred nearly $8 billion worth of crypto after a similar 14-year period. Earlier this month, two massive bitcoin wallets moved what was originally $16,000 of the token but which is now worth more than $2 billion after also being dormant for 14 years.
Exactly what’s triggering this surge in activity remains unclear, but it likely has plenty to do with the Trump administration making significant policy changes in an effort to woo the cryptocurrency industry. Last week, the president signed the first major federal cryptocurrency bill into law, making it easier for banks to issue so-called stablecoins, cryptocurrencies that are pegged to the US dollar.
The enthusiasm surrounding crypto is palpable, with Bitcoin hitting an all-time high of $122,838 on July 14. Whether it continues to rise or suffers a reversal in fortune is anyone’s guess; an old school whale cashing out suggests that at least someone suspects it’ll be the latter.
It’s not just Bitcoin whales seeing massive windfalls. The president himself is using a more crypto-friendly market environment to his own advantage. Critics have pointed out that Trump has numerous personal business ties to the industry, including a stake in his family’s World Liberty Financial, which launched its own stablecoin, and his own cryptocurrency that he launched shortly before his inauguration.
This week, Truth Social owner Trump Media and Technology Group announced it had bought $2 billion in Bitcoin in an effort to become an investment firm. The company’s finances have been nothing but abysmal so far, losing a whopping $400 million while only taking in $3.6 million in revenue in 2024.
Other than having no viable business model, TMTG is betting big on future Bitcoin rallies. Like the whales, Trump’s tech outfit is investing during a period when cryptocurrency is hitting all-time highs — which could spell yet another disaster for the firm if the value of Bitcoin doesn’t keep rising.
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